Buying a duplex in foreclosure and want to use it as
collateral after loan is paid.? I am buying a duplex in foreclosure for 40k. We already have tenets lined up and it's a turn key property. We plan paying it off it 2-3 years. My question is if the house gets appraised at 130k (it's value 4 years ago) can I go to a bank after the house is paid off with that appraisal and get a 130k loan using the house as collateral to buy another property with? Basically I want to buy this place for 40k pay it off and use it as collateral to buy a second property. Second question is if I can get the loan can I use that 130k to buy more then one property. Example would be two duplexes in foreclosure. Or would I have to get separate loans?
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08-09-2010, 04:03 AM
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